The Systematic Plan Index Page provides a centralized view of all active systematic plans, allowing advisors to track ongoing withdrawals and identify accounts that may require action. This includes both a comprehensive list of all systematic plans and a report highlighting plans that are at risk of depletion. Regularly reviewing these reports ensures that client's financial plans remain aligned with their goals and that systematic payments continue without disruption.
Reports Included in the Systematic Plans Index Page
The Systematic Plans Index Page consists of two key reports:
The All Plans Report
The All Plans provides a complete list of all systematic plans currently active across client accounts. This report is essential for monitoring withdrawals and ensuring each plan is structured accordingly.
How to use the All Plans Report:
- Review all active systematic plans for accuracy.
- If a plan is no longer needed, submit a Stop Plan request.
- If adjustments are required (e.g., change in withdrawal amount of frequency), submit a Plan Modification request.
Why the All Plans Report Matters:
- Ensures all systematic plans are functioning correctly.
- Helps maintain accurate withdrawal schedules for clients.
- Prevents unnecessary or unintended withdrawals.
The Depleting Systematic Plans Report
The Depleting Systematic Plans Report identifies accounts where a systematic plan (SWP, RIF, or LIF) is at risk of depletion due to insufficient managed positions to fund the next payment.
How to use the Depleting Systematic Plans Report:
- Take action within 14 days of the next scheduled payment to prevent plan termination.
- Address at-risk plans by:
- Transferring funds from an RRSP or LIRA to a RIF or LIF.
- Stopping the SWP if withdrawals are no longer required.
- Placing a sell request to replenish funds and reinstate the plan.
Why the Depleting Systematic Plans Report Matter:
- Prevents disruptions in client income due to halted withdrawals.
- Ensures systematic payments continue as expected.
- Helps advisors proactively manage client accounts before issues arise.
How to Access the Systematic Plans Index Page
- To review the reports:
- Log in to the CRM portal.
- Navigate to CRM > Contacts.
- On the contact’s index page, click +Add view to the right of the tabs.
- Select either All Plans Report or Depleting Systematic Plans Report from the dropdown.
Best Practices for Managing Systematic Plans
- Review both reports regularly (monthly or quarterly) to ensure systematic plans remain accurate and funded.
- Communicate with clients proactively to confirm whether their plans should continue, be adjusted, or be stopped.
- Take action promptly to avoid plan interruptions and ensure clients' financial stability.
By leveraging the Systematic Plans Index Page, advisors can maintain structured, well-managed systematic plans for their clients while ensuring smooth and uninterrupted withdrawals.